FREEPORT (WIFR) — Highland Community College Trustees have adopted the fiscal year 2013-2014 budget during a budget work session this past Tuesday, September 17th.
The operating budget totaled $14.7 million, with the majority of expenses related to instructional and other student-centered services. Additional costs included administration, and the operations and maintenance of campus buildings and grounds.
“We continue to face challenges in relation to our three main operating revenue sources, which are projected to fall short of expenditures by $291,000,” said Vice President of Administrative Services Jill Janssen. “The College will utilize the fund balance, or reserves, in the Operating funds to offset this deficit.” Fund balance levels are expected to remain at levels recommended by the Illinois Community College Board of about 20 percent of expenditures.
Among the revenue factors, local property tax revenue comprises the largest portion of the budget at 45 percent. Tuition and fees account for 38 percent, while state funding contributes around 13 percent. District-wide assessed valuation is expected to continue to drop for the upcoming tax year, resulting in about 2% less property tax revenue than received in the prior year. The College’s FY14 budget aims to keep the overall tax rate in the same range as in previous years — about 48 to 49 cents per one hundred dollars of assessed valuation.
While revenue from state grants is up 8% over last year, it is still $500,000 less than four years prior, and according to Janssen, the state still owes the College over $128,000 from the previous fiscal year.
In the presence of the factors affecting revenue streams, the College was able to achieve a reduction in tentative budgeted expenditures of $150,000 by making proposed cuts that were identified as having a low to medium impact on operations and by making adjustments based on fiscal year 2012-2013 actual expenses.